First time buyer after some advice...!!!!

stinky_docker

Hello fella's, newbie to the forum,I'm in a little dilemma and want some impartial advice....

I'm a first time buyer desperate to get on the ladder,I've been putting it off for years, hopeful of the market cooling down,and its just never happened,everyone keeps saying it will,but 6 or so interest rate rises have done nothing,and now they're dropping them again....

I can get a mortgage to cover the property I've seen,it will be really tight for a while but is it ever any other way...???

The property is a town centre apartment,2 bed with parking,it sold last year after build for 189K,it was repossed by the bank and now they want £125...

The building its in has almost a dozen apartments in this situation,but most are priced way above this,also not all have parking....

All good so far,however:

I live in Hull,at the moment many apartments are full with flood victims waiting for their properties to be repaired,come June next year,lots of this property will be vacant and so could saturate the market,also continued redevelopment is building another 350 blocks close to my proposed place so this also could hinder future growth...

But the dilemma is,this is a highly desirable spot,with parking,probably available for much less the the £125 and right on the doorstep of the area earmarked for the most the development and it's available now and I'm very unsure how to proceed...

Using Martin's property valuation tools it looks a steal,but reading these forums earlier it seems a bomb....

What do I do......????

Any advice would be really appreciated,thanks

lethal0r

new builds are not considered a good purchase right now by most 'experts'.

if you really like it why not try a low offer and see what happens?

Zammo

Wait.........................................

dudleyboy

Zammo is right. We're now seeing the calm before the storm. You've waited this long - wait a while longer...........

LisbonLaura

Look at 1998-2000 property prices in Hull. That will be the retail (& very slow market) max. in a few years (probably less).

Today's discount are tomorrow's inflated prices. Don't fall for them, you will get hurt.

pinkshoes

If it's an apartment with 100s of other apartments in the area, it might not be such a good buy.

What are similar sized houses priced in the area? (i.e. a 2 bed terrace).

How long are you planning on keeping the property for before selling?

If it's a longterm investment and a home you're wanting, then do the maths, check it's not going to overstretch you (3.5 x salary maximum, and a minimum of 10% deposit), and go for it.

If you're after a short term property that you'll sell on soon, then this probably isn't a good idea.

Generali

If you're looking to move on quickly then grab the nearest bargepole and refrain from using it to touch the flat.

However, if you have no plans to sell for the next few (say 5+) years and can afford a repayment mortgage on it then why not? I assume from what you write that you (as with most people) would rather own than rent so even if it costs more than a rental place, you're getting more for your money!

carolt

Wise advice. Can only echo last two posters - IF you can afford it, budgeting a little extra for possible interest rate rises/unexpected bills/job loss etc etc, and if you are SURE it's where you want to be for at least the medium term (in case prices bomb and you can't sell/rent at any meaningful price, or at all), then buy. Oh, and provided you're sure you won't feel sick to the back teeth if prices do fall further and if you had just waited a few months more ie till next year, you could have got a 3 bed semi for the same money.

To me, 125K for a 2 bed flat for somewhere like Hull does seem quite a lot - I wouldn't have thought the average income there was very high (though what do I know!). But if you really like it AND can definitely afford it, that in itself needn't put you off.

Do check out how prices for 2 and 3 bed houses compare though - it might sound staid and boring now, compared to a groovy inner-city flat, but a few years down the line, it might be what you actually want, longer term, and prices of new-build flats are the ones predicted to drop like a stone compared to the rest of the market....

Food for thought. :rolleyes:

Running_Horse

We cannot advise you on this.

Do whatever is right for your personal circumstances.

Hope you make the right decision.

dannyboycey

Zammo wrote: »

Wait.........................................

Best advice you'll get all day.

stinky_docker

Thanks for the advice so far....

Regards the apartment,it is slightly cheaper than most of similar design and quality in its area,and in some cases a lot cheaper...

There is an aweful lot available though,but not with parking which this one has...

I think what I'll do is make a lower offer than what they're asking and see what happens,I'm not in a rush but really want my own place and this would be perfect for me....

Once again cheers.....

Andy (stinky)